Mittal makes an offer for Iranian steelmaker

Steel giant Mittal Steel has made an offer in buying state-owned Iranian steel producer Foulad-e Mobarakeh for $5-6 billion. However, the bid is expected to fail. Fouled-e Mobarakeh, which has annual steel production of 4.2 million metric tons, said Mittal Steel made the approach two months ago, but the government was unlikely to surrender control of the company while it was accelerating output. Foulad-e Mobarakeh spokesman Mr. Sadeq Abtahi said “I do not think it would be a practical proposal… I do not think the government has any reason to sell as we are doing very well.”